Permira Debt Managers (“PDM”), one of Europe’s leading debt investors today announces that funds it advises are acting as senior secured lender in Francisco Partners’ acquisition of EG Software.
EG Software is one of Scandinavia's leading suppliers of industry-specific software to the private and public sectors. The company now employs over 1,000 people working from 15 skill centres in Scandinavia and Poland, serving 9,500 customers.
The total enterprise value of the acquisition was DKK 3.7bn, with funds advised by PDM providing a unitranche facility to Francisco Partners in support. The deal also contains an acquisition facility to support future acquisitions.
The Permira Credit Solutions Funds’ financing will support the continued high performance and growth of the business both organically and inorganically.
The deal continues PDM’s strategy of supporting ambitious niche market leaders. This deal is a continuation of PDM’s support for the technology sector that, as well as being non-cyclical, continues to produce growing and well-diversified businesses.
Petri Oksanen, Partner at Francisco Partners, said:
“We are excited about the journey ahead for EG. It has been terrific working with the team at Permira Debt Managers. Their tenacity and speed of delivery has been incredibly helpful, and we look forward to continuing our relationship.”
Claire Harwood, Investment Director at PDM, said:
“We are delighted to have been able to support both Francisco Partners and EG Software in providing a flexible credit solution to support their continued growth ambitions. EG has grown significantly to become a market leader in the last decade through a well-executed buy-and-build strategy and strong organic development."